<PAGE>
M. H. Meyerson & Co., Inc.
Exhibit 11
Statement of Earnings Per Share
The earnings per share during the periods presented were calculated as follows:
Three months ended April 30, 2000
6,507,815 shares from 2/1/00 to 2/17/00 17 days 110,632,855
6,517,815 shares from 2/18/00 to 3/16/00 28 days 182,498,820
6,527,815 shares from 3/17/00 to 4/04/00 19 days 124,028,485
6,547,815 shares from 4/05/00 to 4/12/00 8 days 52,382,520
6,552,815 shares from 4/13/00 to 4/25/00 13 days 85,186,595
6,565,315 shares from 4/26/00 to 4/30/00 5 days 32,826,575
90 days 587,555,850
587,555,850 /90 days = 6,528,398 weighted average shares outstanding.
Net income - three months ended April 30, 2000 = $4,895,984
$4,895,984 / 6,528,398 = $0.75 basic earnings per share.
Equivalent shares using the modified treasury stock method
Shares assumed sold: 114,091 1.10 125,500
15,000 1.96875 29,531
159,429 2.1875 348,751
612,500 2.25 1,378,125
10,000 2.4375 24,375
12,500 2.5 31,250
25,000 4.43 110,750
50,000 4.528125 226,406
2,500 4.725 11,813
1,001,020 2,286,501
Shares assumed
purchased: ( 469,026) 4.875 (2,286,501)
Total: 531,994
Total weighted average outstanding shares: 7,060,392
Net income - three months ended April 30, 2000 = $4,895,984
$4,895,984 / 7,060,392 = $0.69 earnings per diluted share.
<PAGE>
Three months ended April 30, 1999
5,090,335 shares from 2/1/99 to 2/4/99 4 days 20,361,340
5,340,335 shares from 2/5/99 to 2/10/99 6 days 32,042,010
5,490,335 shares from 2/11/99 to 2/23/99 13 days 71,374,355
5,510,335 shares from 2/24/99 to 2/24/99 1 day 5,510,335
5,525,335 shares from 2/25/99 to 3/30/99 34 days 187,861,390
5,527,335 shares from 3/31/99 to 4/7/99 8 days 44,218,680
5,532,335 shares from 4/8/99 to 4/11/99 4 days 22,129,340
6,032,335 shares from 4/12/99 to 4/30/99 19 days 114,614,365
89 days 498,111,815
498,111,815 / 89 days = 5,596,762 weighted average shares outstanding.
Net income - three months ended April 30, 1999 = $1,899,814
$1,899,814 / 5,596,762 = $0.34 basic earnings per share.
Equivalent shares using the modified treasury stock method
Shares assumed sold: 161,000 $1.00 $ 161,000
205,000 1.10 225,500
743,000 2.25 1,671,750
200,000 2.1875 437,500
45,000 1.96875 88,594
10,000 3.50 35,000
12,500 2.0625 25,781
20,000 1.375 27,500
1,396,500 2,672,625
Shares assumed
purchased: ( 359,345) 7.4375 (2,672,625)
Total: 1,037,155
Total weighted average outstanding shares: 6,633,917
Net income - three months ended April 30, 1999 = $1,899,814
$1,899,814 / 6,633,917 = $0.29 earnings per diluted share.
